Large-cap stocks drive 3-day rally at DSE
The DSE’s prime index, DSEX, rose 53 points to settle at 5,355 during the last session of the week
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The Dhaka Stock Exchange indices rallied for the third consecutive session on Thursday, driven by large-cap stocks, as cautious investors rushed to acquire undervalued and attractive stocks.
The DSE's prime index, DSEX, rose 53 points to settle at 5,355 during the last session of the week.
Walton Hi-Tech Industries contributed 13 points to the surge, Grameenphone 7 points, United Power Generation & Distribution Company 5 points, Renata 4 points, and Square Pharma 3 points.
Meanwhile, the blue-chip index, DS30, was up by 19 points to 1,923, while the Shariah index, DSES, rose by 18 points to 1,184.
The day's turnover also rose by 16.65% to Tk705.83 crore from Tk605.12 crore in the previous session.
Among the traded scrips, 246 advanced, 99 declined, and 56 remained unchanged during the trading session.
In its daily market commentary, EBL Securities said, "The capital bourse ended the week on a positive note, with the benchmark index extending its gaining streak for three consecutive sessions since buoyant investors continued to take positions in lucrative sector-specific issues, enticed by recent vibrancy across the trading floor riding on increased investor participation."
The indices remained upbeat throughout the session, while the market recovery has been aided by continuous price appreciation in the majority of stocks following the prolonged bearish sentiment in the market, according to market analysts.
Moreover, investors seeking tax benefits opted to grab the last-moment opportunity of availing tax rebates from secondary market investments, which also contributed to the recent increase in market participation, they added.
Bangladesh Lamps was the top gainer followed by Wata Chemicals, Bangladesh Monospool Paper Manufacturing Company, SAIF Powertec, Paper Processing & Packaging, and MIDAS Financing.
The day's top loser was Linde Bangladesh, followed by Meghna Life Insurance, Atlas Bangladesh, and Sonali Life Insurance.
Pubali Bank, Unilever Consumer Care, City General Insurance, British American Tobacco, Renata, and Square Pharma were the most traded stocks on the country's premier bourse.
Among the sectors, pharmaceuticals had the highest turnover at 15.6%, followed by food and general insurance, both at 14.7%.
Engineering sector stocks exhibited the most positive returns today, with a 4.3% gain, followed by services at 4% and ceramics at 2.9%. The only sector to experience a marginal correction was travel, with a slight decline of 0.2%.
The port city bourse, CSE, also ended on a positive note. The Selected Indices (CSCX) and All Share Price Index (CASPI) rose by 101.2 and 163.7 points, respectively.